Remote Mobile Payment Market - Industry analysis, Trends, Estimation & Forecast, 2016 - 2024

November 2017

 ERC 1617

Remote payment is a mobile service through which financial transactions are performed remotely, via various platforms. SMS and interactive voice are key platforms used in remote mobile payment. Increasing cashless transactions across the world has brought the need for remote mobile payments, globally. M-commerce is the most profitable segment of the global remote mobile payment market, in terms of mode of payment.

Market Determinants

Rising proliferation of smartphones and user facilitation of payment are key factors boosting the growth of global remote payment mobile market. Further, increased consumer awareness and government initiatives encouraging adoption of cashless transactions would fuel the market growth. For instance, India demonetized 500-rupee and 1000-rupee banknotes on 8th November 2016, to curb corruption and promote cashless transactions. However, security breaches and privacy of the user are major concerns for the remote mobile payment market and might hinder the market growth. International mobile money transfer is anticipated to provide lucrative opportunities for the market in upcoming years.

Segment Analysis

Global remote payment market is segmented on the basis of mode of payment, industry vertical, device, and region. By mode of payment it is bifurcated as peer-to-peer transfer and m-commerce. By industry vertical global remote payment market is segmented as BFSI, retail, it & telecom, media & advertising, healthcare, tourism & hospitality, airline, and others. By device it is bifurcated as smart devices and smartphones. Geographically, global remote payment market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Retail is one of the prominent verticals, which is anticipated to exhibit healthy growth rate during the forecast period. In 2016, U.S. consumers bought $47.6 billion of physical goods via remote mobile payments and the statistics is expected to grow further in upcoming years. Moreover, Federal Reserve Bank of Boston suggested that, approximately 67 percent of the 147 million adult Americans used the internet to make online purchases in year 2016.

The global remote mobile payment market is in its early stages and projected to exhibit healthy growth rate in coming years. Product innovations and new technological advancements would emerge out as the most adopted strategy among the key market players.. For instance, MasterCard and Virtual Card Services launched vPOS, South Africa’s first virtual payment solution for remote payments in July 2016.
Top vendors of the market are ACI Worldwide, Inc., Alphabet Inc., Apple Inc., DH Corporation, Fidelity National Information Services, Inc., Fiserv, Inc., Mastercard Incorporated., PayPal Holdings, Inc., Samsung Electronics Co Ltd., Square, Inc., and Visa Inc.

Remote Mobile Payment Market Segmentation

By Mode of Payment
• Peer-to-peer transfer
• M-commerce

By Industry Vertical
• BFSI
• Retail
• IT & telecom
• Media & advertising
• Healthcare
• Tourism & hospitality
• Airline
• Others

By Device
• Smart devices
• Smart phones

By Geography
• North America
• Europe
• Asia-pacific
• Rest of the World

Key Market Players

• ACI Worldwide, Inc.
• Alphabet Inc.
• Apple Inc.
• DH Corporation
• Fidelity National Information Services, Inc.
• Fiserv, Inc.
• Mastercard Incorporated.
• PayPal Holdings, Inc.
• Samsung Electronics Co Ltd.
• Square, Inc.
• Visa Inc.

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    What Information does this report contain?

    • What was the market size of the Remote Mobile Payment Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Remote Mobile Payment Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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